“Luxury is a necessity that begins where necessity ends” Coco Chanel
The display of luxury signifies individual power and achievements. The manner which people dress reflects economic, political, social standing and self worth. Christian Dior quoted “it seems to me that women and men instinctively yearn to exhibit themselves”. Luxury in the fashion industry is usually defined in elements as: silk, gold, silver, and precious stones. Luxury products are usually identifiable through exceptional quality and high aesthetic appeal and value, and often belong to the range of products which can be clearly identified either through logo, brand name or design elements. The central features of a luxury brand are: perceived exclusivity; well recognised brand identity; high levels of brand awareness and strong sales and customer patronage.
Many of today’s prestige brands were started a century or more ago, and usually one-person operating the brand. The products sold were handcrafted by skilled artisans, usually preserved for the aristrocratic world of royalty and old money. Today, many of these brands are run by corporations which have transformed these small sized businesses into thriving multi-billion dollar retail brands. Their products are easily accessible as they are readily available at retail stores found on main city streets, in airports and outlet centers.
The luxury market has significantly changed since the days of ‘old luxury’ where it was once attainable only to the super elite. Louis Vuitton, Cartier, and Hermes founded in the 18 and 19th centuries, created products for the royal court until the fall of the monarchy. In the late 19th...
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Stuart, D 2002 ,LVMH brand for success, thanks to know-how from the top, Strategic Direction, Vol 18, No 5, pp 7-9, Viewed 24 August 2008, MCB UP Ltd.
Moore, C & Birtwistle, G 2005, The nature of parenting advantage in luxury fashion retailing – the case of Gucci group NV, International Journal of Retail & Distribution Management, Vol. 33 No. 4, pp. 256-270, Emerald Group Publishing Limited.
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